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U.S. sales of video game hardware and software were $1.12 billion in May, up 37 percent from a year earlier, with Take-Two Interactive's "Grand Theft Audio 4" the best-selling title for the month, market researcher NPD said in a report on Thursday.

Rather than having to pitch a video game idea and hope for funding, developers and skilled hobbyists can now create the game they want on the side—then let the market dictate whether their idea had merit.

Take-Two Interactive Software scored more than $500 million in global sales of criminal action game "Grand Theft Auto 4" in its first week, marking what it said Wednesday is one of the most lucrative entertainment events in history.

"Grand Theft Auto 4" went on sale Tuesday, with fans lining up at midnight to grab the first copies of the criminal action game hailed as a brutal and satirical masterpiece equal to films like "The Godfather."

Electronic Arts said Friday it extended its tender offer for Take-Two Interactive Software by nearly one month at a lower price of $25.74 per share, drawing out a standoff between the two video game publishers.